A Britton's Guide
to the Gold Coast

"A Briton's Guide to getting to know the Gold Coast"

Superannuation

When you start your new job you will probably be taken back by the term 'Superannuation (or 'super' as it is often referred) if you haven't already come across it. Superannuation is a long-term investment or as you would probably know it, a pension scheme. Most employed people earn superannuation and most employers are required by law to contribute an amount equivalent to 9% of your taxable income on your behalf. You can also make voluntary payments toward your own superannuation.

It should be noted if you are one of the following, your employer is not under any obligation to pay superannuation on your behalf:

  •  If you earn less than $450.00 (gross/before tax) per month;
  • If you are under 18 and working less than 30 hours per week; and 
  • If you are aged 70 years or more.
This is regardless of whether you are part-time, full-time or casual.

 

For more information please check out the Governments website:

Australian Government - Australian Taxation Office - Superannuation 

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